The Minister of Finance and Coordinating Minister of the federation, Mr Wale Edun has called on organisations, agencies and stakeholders in the climate ecosystem to brace-up and take advantage of the $100 billion meant for developing countries for climate action.

The Minister, who spoke at the sub-event at the ongoing Nigerians Economic Summit (NES) at the Transcorp Hotel, in Abuja, on Monday, organised by PACE Climate Finance Guide in partnership with the UK Government under the theme: ‘Unlocking Climate Finance for Sustainable Growth’, stated that despite the humongous $100 billion said to be earmarked yearly for climate action to developing countries Nigeria is yet to fully harness the window.

He said: “We were told $100 billion would flow annually to developing countries for climate action, but year after year, the promise is breached,” he added. “Yet, global spending on climate action reached $2 trillion in 2024. That’s where the money is, and we must align to access it.”

Edun stated that the country is spending about $2 trillion annually on climate action. He said that climate action is not a burden but an investment. “It’s about investing in jobs, health, education, security, and ultimately, the well-being of our children”

Responding to the concerns raised by the Minister, a private sector initiative led by PACE Climate Finance Guide in partnership with the UK Government has stepped in to assist federal and State governments, and private sector investors to unlock the billion dollars in the green investment.

Speaking at the launch, Cynthia Rowe, Director of Development at the British High Commission in Nigeria, stressed the urgency of climate investment, revealing that Nigeria faces a $20 billion annual shortfall in financing its climate action goals.

“Jigawa alone lost over 7,300 hectares of farmland and displaced 9,000 people due to flooding. With the right investment in resilient housing and early warning systems, we can move from disaster response to long-term resilience,” she said.

In Kano, the UK is supporting waste-to-energy projects to convert the city’s 3,000 tons of daily waste into a source of clean power. “This is how we turn crisis into opportunity,” she noted.

Rowe described the PACE Climate Guide as “more than a document, it’s a catalyst,” adding that it helps translate Nigeria’s climate plans into tangible results by bridging policy, innovation, and finance.

Also speaking, Mr Ifeanyi Peters Ugwuoke, National Team Lead of the PACE program, challenged state governments and private investors to rise to the occasion.

“There are billions in available funds for green infrastructure, jobs, and food security but the key question is: Are you ready? Can you develop bankable projects? Do you meet the minimum criteria?” he asked.

Additionally, Basil Obasi, Public Financial Management Advisor for the PACE program noted that PACE was working with sub nationals to access the untapped resources.

The event also witnessed the official unveiling of the Partnership for Agile Governance and Climate Engagement (PACE) Climate Finance Guide, a toolkit designed to help Nigerian ministries, states, businesses, and communities access global climate finance.

The guide offers practical steps for developing bankable, job-creating green projects that qualify for financing from institutions such as the Green Climate Fund and the African Development Bank.

Edun stated that the guide would “equip Nigeria’s subnational governments and private sector with the tools to secure the billions of dollars available for green growth.”